Securities And Exchange Board Of India - Subsection
Section 22(2) in Securities And Exchange Board Of India (Ombudsman) Regulations, 2003
(2)If any person fails to implement the award or order of the Board passed in the review petition, without reasonable cause -(a)he shall be deemed to have failed to redress investors' grievances and shall be liable to a penalty under section 15C of the Act;(b)he shall also be liable for -(i)an action under section 11 (4) of the Act ; or(ii)suspension or delisting of securities; or(iii)being debarred from accessing the securities market; or(iv)being debarred from dealing in securities; or(v)an action for suspension or cancellation of certificate of registration; or(vi)such other action permissible which may be deemed appropriate in the facts and circumstances of the case.Provided that no such order shall be passed without following the procedure laid down under the relevant rules or regulations.
